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An economy consists of three workers: Larry, Moe, and curly. Each works ten hours a day and can produce two services: mowing lawns and washing cars. In an hour, Larry can either mow one lawn or wash one car; Moe can either mow one lawn or wash two cars; and Curly can either mow two lawns or wash one car.a. calculate how much of each service is produced under the following circumstances which was label A, B, C, and D.-All three spend all their time mowing lawns. (A)-All three spend all their time washing cars. (B)-All three spend half their time on each activity. (C)-Larry spends half his time on each activity, while Moe only washes cars and Curly only mows lawns. (D)b. Graph the production possibilities frontier for this economy. Using your answers to part (a) identify points A, B, C, and D.c. Explain what the production possibilities frontier has the shape that it does.d. are any of the allocations calculated in part a inefficient? Explain.
Using the 3-graph model developed in chapter 14, consider first the impact on the demand for loanable funds. If businesses respond as expected to the investment-tax credit, what will happen to the demand for loanable funds Given this, what, if any..
If the elasticity of US exports with respect to the real exchange rate is very low, will this increase in private saving have a large or small effect on the U.S. real exchange rate
The XYZ Corporation has estimated the expected cash flows for 1996 to be as follows, Calculate Expected value, Standard deviation, Coefficient of variation
What feature in this example leads to the result that you don't need to know the amount of taxes collected by the government to find the equilibrium?
"If every employer hired its best qualified applicants for a job at every opportunity, the phenomenon of black poverty (as distinct from poverty) could be wiped out in ten years." Do you agree/disagree? Comment.
There are economies of scale in ranching, especially with regard to fencing land. Suppose that barbed-wire fencing costs $10,000 per mile to set up. How much would it cost to fence a single property whose area is one square mile if that property a..
Explain how turmoil in global financial markets might affect the demand for loanable funds, investment, and global economic growth in the future and how do the high saving rates in Asia impact investment in other countries?
Explain why the Aggregate Supply curve becomes increasingly steeply sloped at levels of RGDP near "full employment" and becomes especially steeply sloped beyond "full employment" RGDP (hint: this topic is not discussed in your text. you will need ..
Elucidate what is the residual demand elasticity facing one firm at the competitive equilibrium.
Other things equal, and given that the elasticity of demand for health care is 0.2, a 10 percent increase in the price of health care in the United States will reduce the quantity of health care demanded by about.
Assume the demand and supply for milk are described through the following equations: QD = 600 - 100P; QS = -150 + 150P, where P is price in dollars,
What should be the role of the tax of accountant in the organization decision making process.
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